Mercury Industries' PR1MA job terminated

PETALING JAYA: Mercury Industries Bhd's 70%-owned subsidiary Paramount Bounty Sdn Bhd's (PBSB) RM73.06 million contract for the construction of 648 units of serviced apartments in Malacca under the 1Malaysia People's Housing Programme (PR1MA) has been terminated.
"The project, which was initially awarded by Upaya Jernih Sdn Bhd to PBSB has been terminated and the balance value of the project was subsequently re-awarded by Aturan Prisma Sdn Bhd (APSB) to PBSB," Mercury said in a stock exchange filing.
APSB has informed PBSB that the employer of the project has notified the project owner, Perbadanan PR1MA Malaysia, of the demobilisation from the project site.
"The suspension will not have any effect on the share capital and net assets of the company. However, it is expected to reduce the earnings of Mercury group for the financial year ending Dec 31, 2018," Mercury said.
The project comprises four apartment towers and a three-storey podium car park (phase 1) in Bandar Pekan Tanjung Kling Sek II, Malacca.